2024 Brings Higher Medicare Part B Premiums

The standard monthly premium for Medicare Part B will increase by $9.80 per month in 2024, reaching $174.70. The annual deductible for Part B will also increase to $240. These adjustments are primarily due to projected increases in healthcare spending. The changes in premiums and deductibles will impact the Social Security cost-of-living adjustment and affect beneficiaries' Medicare Part B payments. High-income beneficiaries will pay more for Part B based on their modified adjusted gross income. Additionally, Medicare Part A costs, which cover inpatient hospital care, will also increase in 2024.